Chinese Payment Service AliPay Leverages Blockchain For Remittances

The popular Chinese payment service AliPay informed today that they had used a blockchain based wallet service to make remittances between China and the Philippines. According to information from 8btc, a local Chinese portal, the first remittance was made immediately after the service was established and the funds arrived safely and faster than if it was done via traditional methods.
AliPay is the biggest payment processor in the whole world, even surpassing its western counterpart PayPal in payment volumes. It is owned by the founder of the shopping conglomerate Alibaba, one of the biggest retailers of the world. So AliPay starting to use blockchain services could be extended next to retail payments and could end up being used by the whole userbase of the business.
The remittance was made by a Filipino named Grace who lived in Hong Kong, and the whole transfer took only three seconds to be completed; a lightning fast amount of time if we compare it to traditional methods that can take from three minutes to days. The remittance service is available right now from the AliPay wallet, and for now, it only supports sending and receiving money from the Filipino wallet GCash, but the creators say that other countries and service providers will be added later.
Remittances from China to the Philippines are very common; lots of people live in China and send money to their families. Just in 2016, $509 million was sent to the Philippines; this goes to show that AliPay strategically elected GCash as their first partner to test their system in a busy environment.
While Jack Ma, the manager and founder of Alibaba, the main owner of AliPay is opposed to the idea of cryptocurrencies because he considers them a get rich fast scheme, he acknowledges the potential of the blockchain, the tech that drives cryptocurrencies, to be used for other purposes. He stated that the impact of blockchain tech on the futures of we humans could be well out of our current comprehension.

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